The Association of Insurance Compliance Professionals (AICP) Heartland Chapter E-Day 2009 was held on April 22nd in Minneapolis. Daryl James, Product Manager with Wolters Kluwer Financial Services, participated jointly with Monica Murray of Thomson Reuters in providing a presentation entitled “Tracking & Implementing New Laws and Regulations.”
The basic problem was identified for the group, that is: Insurers are faced with a highly regulated environment in which failure to remain in compliance with constantly changing laws and regulations can lead to significant costs being incurred. Possibly the biggest challenge to achieving full compliance is simply dealing with the significant volume of regulatory changes that impact the insurance industry across the Unites States. After defining the problem, the presentation then identified for the group the key six distinct areas of challenge in maintaining full compliance.
- Monitoring High Volume of Activity
- Filtering High Volume of Activity
- Lack of Visibility
- Significant Manual Processing Involved
- Miscommunication
- Insufficient Accountability
Discussion followed concerning how a technology solution can help address the pain points associated with the monitoring/identification point in the process, with the goal of reducing the universe of information down to only that which impacts your organization. A tool which supports staff review of the regulatory changes that are communicated via an automated delivery system can reduce time spent manually monitoring the multiple sources of information. The ability to track key indicators, including visibility and accountability into the processes requiring implementation across functional areas, and control were also highlighted during this very timely presentation.
Editor’s Recommendation
NILS INcompass™ helps insurers monitor and filter regulatory activity, manage the change process, and provides visibility and accountability in maintaining full compliance.
